PersonalNavigators
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Garmin to purchase Navigon, plans to complete acquisition by late July
News of Garmin's plans to acquire Navigon leaked out earlier this month, but we now have official word that the GPS giant will bring the smaller German company under its wing beginning in late July. Pending regulatory approval, the deal would have Navigon, one of the largest GPS brands in Europe, functioning as a subsidiary of Garmin, which has a much stronger presence in North America. The companies were unable to reveal any financial information, though previous estimates priced the deal in the "mid-double-digit million" Euro range. Navigon says it's not ready to share any details concerning the acquisition, but we're unlikely to see major effects in the US, where the company has smartphone apps but hasn't sold dedicated GPS devices in several years.
Garmin in talks to buy Navigon?
It's hard out there for a company making endangered gadgets. According to Reuters, flailing satnav maker Navigon could be acquired by none other than Garmin, which has struggled itself to maintain strong handheld navigator sales in the face of stiff competition from smartphones. The deal could be worth somewhere in the "mid-double-digit million" Euro range -- a none-too-helpful estimate, but enough for us to understand that the personal navigator market is in such a state that Garmin could scoop up its rival for a pretty modest sum. Garmin, for its part, has been doing well, considering -- it's the top navigator brand in the US (a market Navigon has long since exited), and its profit nearly tripled in the most recent quarter. That's largely thanks to those bestselling navigators, but also because the company's been wise enough to reinvent itself as a purveyor of running watches and expand its boating and aviation businesses. In any case, if the Navigon brand is going bye bye, it looks like we could find out as soon as this month.
